Consider the Following Data That Gives the Quantity Produced and Unit

question 69

Multiple Choice

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next five questions: Assume that the base year is 2012.

-Real GDP is equal to:

• A) current prices * base year output.
• B) current prices * current output.
• C) base year prices * base year output.
• D) base year prices * current output.
• E) current output 2 base year prices.

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Definitions:

Encoding Specificity Effect

The principle that retrieval of information is improved when conditions at recall match those at encoding.

Primacy Effect

The tendency to remember information presented at the beginning of a list or sequence better than information that comes later.

Recency Effect

A memory bias where the most recently presented information is remembered better than older information.

TOT Effect

The Tip-of-the-Tongue phenomenon where a person cannot fully recall a word or name, but has partial recall and a sense of imminent retrieval.